Annaly Capital Management, Inc. has a demonstrated track record of outperformance, beating the S&P 500 in terms of weekly total return by more than three times and the mortgage REIT sector by more than five times since the company’s initial public offering in 1997. At approximately 17 times the size of the median mortgage REIT by market cap, Annaly is able to efficiently diversify investments in over twenty-five distinct asset types across four businesses. Taking a holistic view to asset selection and hedging strategies among its four business lines allows Annaly to achieve relative stability in both book value and earnings versus competitors. Annaly’s size relative to peers allows the company to act as a potential consolidator, demonstrated by Annaly’s $1.5 billion acquisition of Hatteras Financial Corp., in 2016, a landmark transaction in the industry. In addition to its size and scale, the company has continued to prioritize operating efficiencies, with significantly lower expense ratios relative to industry peers. All of these qualities combined have attracted the attention of prominent institutions, including leading equity and bond fund managers, and have provided a compelling argument for ownership in Annaly over time.